Hi Mounika,
Yes this is very common thing to do:
Rule 1: loadByPeriod: P3M -> Hot_Tier, 2x replicas
Rule 2: loadByPeriod: P21M -> Cold_Tier, 1x replicas
Rule 3 or Default rule: dropForever
The rules are applied in a pecking order, each rule has priority over the rules that follow it.